UPDATE 1-Bankia sells Realia stake to Carlos Slim's property group

MADRID, March 4 (Reuters) - Spain's Bankia said on
Wednesday it would sell its stake in real estate company Realia
to Mexican billionaire Carlos Slim's property group
Inmobiliaria Carso ahead of a full takeover offer
for Realia from Slim.

Bankia said it would sell the stake of just under 25 percent
in Realia for 0.58 euros per share, or 44.5 million euros ($49
million), a discount of nearly a third to its Wednesday closing
price.

Bankia said Carso would launch a full takeover bid for
Realia within 9 months at the same price of 0.58 euros per
share.

Realia is majority-owned by Bankia and Spanish builder and
services company FCC. Their joint stake has been on the
market for around a year, but last month FCC said it would
abandon the sale of its 37 percent share.

Property investment company Hispania made a takeover offer
for Realia in November for 0.49 euros per share, valuing it at
150.6 million euros, around a third less than its then market
value.

Indebted Realia, which manages a portfolio of shopping
centres and office buildings in prime locations in Madrid and
Barcelona, posted a 40 million euro loss in 2014 and a 1.7
percent decline in rents.
($1 = 0.9030 euros)
(Reporting By Sonya Dowsett; Editing Sarah White and Jane
Merriman)